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Ohio Submits Formal Request for Assistance for Small Businesses​

Ohio Submits Formal Request for Assistance for Small Businesses​

The State of Ohio is taking action to help small business affected by the coronavirus pandemic.

On March 17, Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted sent a letter and application to the U.S. Small Business Administration (SBA) to qualify the State of Ohio for the Economic Injury Disaster Loan program.

This federal program will enable small businesses and non-profits throughout the state impacted by the outbreak of COVID-19 to apply for low-interest loans for up to $2 million in assistance, which can provide vital economic support to help overcome the temporary loss of revenue they are experiencing.

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IRS Deferring Tax Payments by 90 Days

IRS Deferring Tax Payments by 90 Days

Tax Deadline Remains April 15

While taxpayers still have to file their taxes by April 15, 2020, the deadline to pay taxes has been extended by 90 days until July 15, 2020.

During a March 17th press conference regarding the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin announced taxpayers will have an additional 90-days through July 15, 2020 to pay their taxes, penalty-free and interest-free. 

He said individual taxpayers can defer up to $1 million of tax payments and corporations up to $10 million in tax payments.

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Sue Krantz Completes Term on Rape Crisis Center Board

Sue Krantz Completes Term on Rape Crisis Center Board

Zinner & Co. partner Sue Krantz, CPA, CGMA, recently completed her term on the Board of the Cleveland Rape Crisis Center.

For the past nine years, Krantz was honored to serve, most recently as Treasurer and a member of the Executive Committee. 

sue-zinner“While my term has come to a close, I was proud and in awe of the significant accomplishments, which took place at CRCC while I was a member of the Board,” she said. “CRCC expanded its offices and staffing in order to improve access to its free services, which are now offered in four counties, in many regional satellite offices and at partner agency locations.”

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IRS Launches Identity Theft Central

IRS Launches Identity Theft Central

The Internal Revenue Service launched an online resource called Identity Theft Central to help taxpayers report identity theft and teach them how to protect themselves against it.

Identity TheftThis new resource provides information to alert taxpayers to the signs of identity theft, actions to take if they become a victim and advice on how to protect personal identity and data.

Located within the IRS website, Identity Theft Central offers specific information for taxpayers, tax professionals and businesses.

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Plan for Tax Season

Plan for Tax Season

Many individuals may think the time to plan for tax season occurs during the tax season, which occurs after their tax year has ended.

Unfortunately, this is often too late to make any adjustments, which may have benefited the taxpayer.  

Similarly, businesses can also fall into this line of thinking and fail to plan for tax season during their tax year.

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Plan for Tax Season

Is This Expense Deductible In 2019?

iStock-1129640389_tax deductionThe tax code is long and complicated and oftentimes, taxpayers do not know what deductions or credits are available, which means they cannot take advantage of possible savings.

With so many changes under the 2017 Tax Cuts and Jobs Act and the 2019 SECURE Act now in place, changes have been made regarding the deductibility of expenses that both business and individual taxpayers may not be aware of. read more…

The SECURE Act of 2019

The SECURE Act of 2019

A new piece of legislation enacted in late December will help simplify the retirement system and help individuals increase their savings.

Small-Bus-RetirementThe “Setting Every Community Up for Retirement Enhancement” Act or SECURE Act, which was part of the Further Consolidated Appropriations Act of 2020 expands opportunities for individuals to increase their savings, and makes administrative simplifications to the retirement system.

Among the major changes for individuals are:

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Zinner & Co. Sponsors Cleveland Play House’s 20th Annual Festival of Trees

Zinner & Co. Sponsors Cleveland Play House’s 20th Annual Festival of Trees

Zinner & Co. is pleased to sponsor and support our long-time client, The Cleveland Play House, and their 20th Annual Festival of Trees.festival of trees

The Festival is located in the Allen Theatre Lobby and features over 30 holiday trees decorated and sponsored by leading artists, designers and community organizations. In addition to the tree displays, the festival will feature live choral performances and free photos with Santa.

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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
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